The Reserve Bank of Australia (RBA) has used its last meeting of the year to hold official interest rates steady as it waits to see if the economy closes out 2019 on a high note.
Following its meeting on Tuesday, the bank left the official cash rate at 0.75 per cent. Financial markets and economists had been expecting the RBA to leave rates steady, instead believing it would make a cut early next year.
The RBA has halved the cash rate since June as it seeks to drive down the unemployment rate and lift wages.
Its decision followed the release by the Australian Bureau of Statistics of key components of Wednesday’s national accounts that suggest the economy grew 0.6 per cent through the September quarter. That would take annual growth up to almost 1.8 per cent.